Toyota and LG Energy Solution Sign a $3 Billion EV Battery Supply Deal

South Korea’s LG Energy Solution signed an agreement to supply Toyota, the world’s largest automaker, with lithium-ion batteries for electric vehicles that will be assembled in the U.S., the companies said on Wednesday.

The deal will support Toyota’s expanding battery EV line-up, which includes a new model that will be assembled at a manufacturing plant in Kentucky — its largest globally — starting in 2025.

“The one thing I wanted to change was the fact that we don’t have any business with the number one player Toyota,” LG Energy Solution CEO Youngsoo Kwon said in an exclusive interview with CNBC aired on Thursday.

Read the source article at CNBC